ON THE SPREAD

IT’S been an up-and-down year for former Co-op boss Euan Sutherland, the surprise choice for the hotseat at SuperGroup, the company behind the eponymous Superdry label.

Sutherland, who took over last autumn, first had to issue a profit warning after falling victim to the unseasonably warm weather, then followed up with more bad news in December as sales squeezed wholesale profit margins. The loss of a key customer and the headwinds of a stronger pound have also been a headache, and Thursday’s full-year numbers are likely to show profits barely budging from last year’s £62 million.

On the other hand, SuperGroup is now paying a dividend, pushing into more profitable premium ranges and giving the brand another fillip through a collaboration with The Wire and Luther actor Idris Elda. The company has also upped its game on online sales and the shares have responded well since Sutherland’s March update, climbing more than 50%. And with Sutherland in charge, founder Julian Dunkerton can focus on his natural talents: designing clothes rather than running a plc.

The question for SuperGroup and spread betters is whether the good run will continue. The CMC Markets price is 1268.25p-1280.78p. Other prices are available.